Key Petroleum is close to completing its acquisition of the Perth Basin L7 production licence containing the Mount Horner Oil Field.
The company first executed a sale and purchased agreement for the licence with AWE in October 2018, with Key now announcing a transfer of title has been formally approved by the Department of Mines, Industry, Resources and Safety.
Key is planning several development and exploration activities in the area, including the drilling of new wells and decommissioning of redundant infrastructure.
The company has identified several prospects within L7, with additional geological and geophysical work currently underway.
The Mount Horner Oil Field is located in the northern section of the Perth Basin and has produced more than 1.7 mmbls of oil.